Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworks
Crypto adoption is increasing in the United Arab Emirates, with crypto app downloads rising 41% in 2024 from the previous year.
Abu Dhabi Global Market (ADGM), a financial zone with over $635 billion in assets under management, signed a Memorandum of Understanding (MoU) with Chainlink in a move to connect the world of traditional finance with blockchain data.
The agreement will allow ADGM to use Chainlink’s suite of tools, such as data feeds and interoperability technology, ADGM said in a March 24 announcement. The partnership also aims to encourage further discussion around blockchain, artificial intelligence, and other emerging technologies in the region.
ADGM, which opened in 2015, is in the United Arab Emirates’ financial free zone. It operates under its own civil and commercial legal system, based on English Common Law. Designed to bolster Abu Dhabi’s status as a financial hub, ADGM plays a central role in attracting global firms and expanding the city’s financial services sector.
